Rs 340 billion collected in National savings till April 30

ISLAMABAD: Central Directorate of National Savings (CDNS) has successfully achieved a net target of Rs 340 billion by April 30 of the fiscal year 2018-19 which is double the amount compared to last year’s collection of Rs120 billion.

The total savings held by the CDNS stood at Rs1,676 billion by April 30, while the directorate had Rs740 billion worth of savings by the same date, a year ago.

Due to a newly adopted rationalized approach to confer the CDNS certificates’ rates, the directorate has over achieved and exceeded expectations; The directorate now has set a target of Rs 224 billion for May 2019.

“The instant revision was made in the backdrop of current market scenario and in accordance with the government’s policy to provide a market-based competitive rate of return to the investors of National Savings”, an official of the CDNS told.

A notification issued by the federal government with new rates for Defence Savings Certificate, Special Saving Certificate, Regular Income Certificate, Savings Accounts, Shuhada Family Welfare Account has been revised. The funds now have gone upwards mobile at an average of 12.47 percent, 11.40 percent, 12 percent, 8.5 percent,14.28 percent respectively.

The official further added that the, ‘profit rate of return for specialized savings schemes like “Bahbood Savings Certificates” and “Pensioners’ Benefit Account” has also been revised and fixed to an upward of 14.28 percent in order to provide a safety net to specialized segments of the society.